The Illinois Health Facilities and Services Review Board approved the proposal in August with eight board members voting yes and one member absent. The board, which regulates health care construction and services to reduce duplication, must approve changes in ownership.

Maryville was looking to sell the 125-bed hospital amid financial losses. The facility provides inpatient services to children and young adults ages 3 to 20.

Chicago Behavioral Hospital will expand its services to include adult patients, said Dr. Richard Kresch, president and CEO of U.S. HealthVest. The change is likely to occur in mid-2015, after the hospital undergoes renovation that will begin in the next couple of weeks, he said.

“U.S. HealthVest has an experienced management team that has had success taking over distressed hospitals,” Dr. Kresch said. “We think we can do some good things there and improve the overall behavioral health care in the Chicago area.”